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Related Party Transactions (Tables)
 12 Months Ended
Nov. 30, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions The following tables summarize balances with SMBC as reported
in our Consolidated Statements of Financial Condition and
Consolidated Statements of Earnings. In addition, the synergies
and value creation resulting from our strategic alliance with
SMBC generate additive benefits for us, which are not necessarily
reflected by the activity presented in the following tables.
$ in thousands
November 30, 2024
Assets
Cash and cash equivalents .......................................................
$542,212
Financial instruments owned, at fair value .............................
1,539
Securities borrowed ...................................................................
20,403
Securities purchased under agreements to resell .................
381,568
Receivables:
Brokers, dealers and clearing organizations .......................
3,012
Fees, interest and other ..........................................................
7,851
Other assets ................................................................................
175
Total assets .................................................................................
$956,760
Liabilities
Financial instruments sold, not yet purchased, at fair value
$1,830
Securities loaned
187
Securities sold under agreements to repurchase ..................
631,390
Payables:
Brokers, dealers and clearing organizations ......................
18,701
Accrued expenses and other liabilities ....................................
6,767
Long-term debt (1) ......................................................................
—
Total liabilities ............................................................................
$658,875
(1)We have an undrawn revolving credit facility of $350.0 million. Interest on this
credit facility is based on an adjusted SOFR plus a spread.
$ in thousands
Year Ended
November 30, 2024 (1)
Revenues
Investment banking ................................................................
$5,066
Principal transactions (2) ......................................................
(5,997)
Commissions and other fees ................................................
895
Interest .....................................................................................
14,203
Total revenues ........................................................................
14,167
Interest expense ......................................................................
13,238
Net revenues ...........................................................................
$929
Non-interest expenses
Business development ...........................................................
$7,274
Total non-interest expenses ................................................
$7,274
(1)Amounts reflect activity beginning from the date SMBC became a related
party on August 12, 2024.
(2)Primarily represents net gains (losses) on interest rate derivatives executed
with SMBC.